Insular Life (InLife) has introduced InLife Retire Assure, the country’s first true retirement insurance product designed to provide guaranteed monthly income from age 60 up to 100. This new offering aims to address the significant gap in financial preparedness for retirement, a challenge faced by the majority of Filipino workers.
According to the Bangko Sentral ng Pilipinas, 80 percent of Filipinos aged 60 and older are not financially ready to cover their living expenses once they retire, with many relying solely on the Social Security System (SSS) or the Government Service Insurance System (GSIS). For many, the average monthly pension from SSS (P5,123) or GSIS (P18,525) is insufficient to sustain their lifestyle in retirement.
Despite laws requiring companies to provide retirement benefits, many employees do not stay long enough with one employer to qualify. As a result, a large portion of the population is left without adequate financial support for their post-working years.
InLife Retire Assure seeks to fill this gap by offering a flexible and disciplined savings plan. It allows policyholders to set aside premiums over time, ensuring that by the time they reach retirement, they will receive guaranteed monthly payouts. These payouts can be further boosted by cash dividends, which may increase over time to keep pace with rising living costs.
“InLife’s mission is to help Filipinos enjoy a secure, worry-free retirement,” said Gae L. Martinez, InLife chief marketing officer. “Medical and scientific advancements have extended our lifespans, which means many Filipinos are now living 30 to 35 years after retirement. Unfortunately, most are not confident in their ability to maintain financial stability during those years. InLife Retire Assure is our response to this need, providing a reliable, long-term solution for a comfortable retirement.”
The product offers flexible premium payment options, including annual, semi-annual, quarterly, or monthly installments. Payments can be made until the policyholder reaches age 59 or 64, depending on their preference, and payouts can be made directly to the policyholder’s chosen bank account.
Additionally, InLife Retire Assure includes a life insurance component with guaranteed issue, meaning that no medical evaluation is required for eligibility—ensuring that individuals of all health conditions can access the coverage they need.
“Retirement should be a time for personal growth, relaxation, and enjoying life,” Martinez continued. “Our goal is for Filipinos to retire without the burden of financial worries. With adequate planning and InLife Retire Assure, they can focus on what matters most—living their lives to the fullest without outliving their savings.”
